政府补贴对企业真实创新绩效的影响——基于中国A股上市公司数据的实证分析被引量：1

The impact of government subsidies on the real innovation performance of enterprises——Empirical analysis based on the data of chinese A-share listed companies

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摘要在分析政府补贴政策的特征及其影响企业真实创新绩效的理论机制的基础上,运用A股上市公司数据,检验了政府补贴对企业真实创新绩效的直接和传导效应。研究发现:政府补贴对企业真实创新绩效具有激励效应,且国有企业较非国有企业的创新效应更强;研发资本要素市场扭曲能够强化政府补贴激励企业真实创新绩效的调节作用,并与产权性质联合调节政府创新补贴效果;创新投入与融资约束在政府补贴对企业真实创新绩效的影响中起部分中介效应;政府补贴对企业创新持续性具有负向抑制效应,政府补贴效果受到研发资本要素市场扭曲和产权性质明显的负向调节作用,且创新投入与融资约束在政府补贴对企业持续性创新的影响中起部分中介效应。 Based on the analysis of the characteristics of government subsidy policies and the theoretical mechanisms that affect the true innovation performance of enterprises,using data from A-share listed companies,the direct and conductive effects of government subsidies on the true innovation performance of enterprises are tested.The results show that:(1)government subsidies have an incentive effect on real innovation performance of enterprises,and the innovation effect of government subsidies is stronger in state-owned enterprises than in non-state-owned enterprises;(2)The distortion of R&D capital factor market can strengthen the regulatory effect of government subsidies on encouraging real innovation performance of enterprises,and regulate the effect of government innovation subsidies through the joint effect with the nature of property rights;(3)Innovation investment and financing constraints play a partial intermediary effect in the impact of government subsidies on real innovation performance of enterprises;(4)Government subsidies have a negative inhibitory effect on innovation sustainability of enterprises.The effect of government subsidies is negatively regulated by the distortion of R&D capital factor market and the nature of property rights,and innovation investment and financing constraints play a partial intermediary effect in the impact of government subsidies on enterprises innovation sustainability.

作者王加祥李文婕邓若冰 WANG Jiaxiang;LI Wenjie;DENG Ruobing(School of Economics,Nanjing University of Posts and Telecommunications,Nanjing 210023,China;Organization Department of CPC,Nanjing Vocational Institute of Transport Technology,Nanjing 211188,China)

机构地区南京邮电大学经济学院南京交通职业技术学院党委组织部

出处《南京邮电大学学报（社会科学版）》 2023年第2期78-90,共13页 Journal of Nanjing University of Posts and Telecommunications(Social Science Edition)

基金江苏省社科基金项目“基于全球创新链的江苏科技创新体系多元冲突研究”(21EYC017) 南京邮电大学国自基金孵化项目“全球创新链视角下中国科技创新体系冲突研究”(NY221109)。

关键词政府补贴研发资本要素市场扭曲真实创新绩效企业创新 government subsidy R&D capital factor market distortion real innovation performance enterprise innovation

分类号 F273 [经济管理—企业管理]